Quote from: exstasie on Today at 08:31:48 AM

The daily closed as a shooting star after all, a potential top signal:

Very strong volume too, the highest since the March crash. As mentioned earlier, volume extremes often indicate reversal points. However, I'm not convinced about a significant correction until I see sellers follow through below yesterday's low of $8,407.

Also realise we reached the measured move from the ascending triangle around $9.5K (wicking to the resistance trend-line in red), the one that neither of us believed would be reached for a number of reasons. To me it looks like the short-term top is in and a correction will continue, until proven otherwise.

Quote from: dragonvslinux on April 06, 2020, 09:25:20 PM

Looking good Cool

Here's a target for that ascending triangle:

I'm now expecting a pull-back to $6,800 (VPVR POC) to $7,075 (100 Week MA) at minimum, possibly even re-test the 200 Week MA after the halving around $6K. All of these prices would still be long-term bullish however. Others expect the 100 & 200 Day MAs to hold around $8K, though given the failures the previous two times, this seems unlikely to me. It didn't act as any resistance on the way up, therefore unlikely to act as local support on the way down either. I'm also out of long positions and trading account is back in fiat, I'll start paying attention again from $7.5K and lower.

Short-term, we are now on a TD Sequential 9 sell signal on the Daily, that previously called the short-term tops in March & April this year, as well as following an aggressive & sequential 13. For sequential traders, these are alarm bells for selling. This suggests at minimum a 1-4 candle correction as previously occurred, but otherwise I'm learning towards a 9 candle count of downside to confirm a trend change, hopefully with a good buying opportunity on a Red 9 buy signal. In summary, we were oversold at $5K, now we are overbought above $9K, and we've all seen these extreme price swings before and where it leads.

If we break through $10K with convincing volume and remain above it, I'll be more or less fully bullish, but the odds of this seem pretty low right now. Lots of sell volume on a Red 8 in oversold conditions on the RSI indicates a cool-off is necessary unless price goes parabolic in an unsustainable way.